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Credit Card Question: Diversify banks?

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johnjohn320

johnjohn320

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All else being equal, which is better for your credit rating: 3 credit cards from 3 different (major) banks, or 3 credit cards from one (major) bank? Or does it make no difference at all?
 
AFAIK the scoring model wouldn't show a difference. If it did, it would be very miniscule. The actual formula and bucket system isn't public but the weights for different criteria are public.

The best way to boost your score is to apply for more credit and hold it for a long time. Length of positive history and utilization are the biggest factors. Keep utilization between 1-10% monthly and you will max out that section of the scoring.
 
About the only thing I can think of at this hour would be that they banks might pull your credit from different bureaus (ie Citi might pull from Equifax adn Amex might pull from Experian). That said the only reason I could think of that might matter is if you had a hold or bad credit on one of them or you wanted to apply for multiple cards on the same day

Not credit related but most banks have a limit on the number of cards they will give you. It seems to be 4 for Chase and Citi so that might be something to consider as well
 
HendrixFan said:
AFAIK the scoring model wouldn't show a difference. If it did, it would be very miniscule. The actual formula and bucket system isn't public but the weights for different criteria are public.

The best way to boost your score is to apply for more credit and hold it for a long time. Length of positive history and utilization are the biggest factors. Keep utilization between 1-10% monthly and you will max out that section of the scoring.
Click to expand...

This.

another HUGE advantage to Amex is they backdate ALL your cards to your first account. So for example, if your first amex account was in 2002, ALL subsequent cards will report with that open date. Because of this Ive got 3 credit lines, all perfect history, that are 22 years old, even though technically my Costco Amex was just opened last month.
 
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